The economics and politics of trade are inextricably linked — Lamy
17 Nov 2008
Director-General Pascal Lamy, in a speech at the Barcelona Graduate School of Economics on 17 November 2008, said that the answer to rising public concern in industrialized countries about some aspects of globalization lies “in a balance between open markets and complementary domestic policies, along with international initiatives that manage the risks arising from globalization”. This is what he said:
Ministra
Profesores
Señoras y señores
I am delighted to be here this evening on the occasion of the inauguration of the Academic Year at the Barcelona Graduate School of Economics. You will not be surprised if I say that the WTO follows with great interest a lot of what you do here.
Let me share a small secret with you. Our economists were largely inspired by your work on the relationship between trade and growth in preparing our 2008 World Trade Report on “Trade in a Globalizing World”. The Report looks into the role of trade in an interconnected world and the challenges facing governments to ensure it results in greater prosperity for its citizens. You may want to check the number of quotes of your faculty in this now famous publication!
It will come as no surprise to you, therefore, that I shall focus my remarks this evening on international trade, its economic underpinning and its political realities. Two sides of the same coin.
I have recently read that the financial crisis and the economic downturn have become such central preoccupations of policymakers and the public at large that there is no room to worry about trade any more. This kind of compartmentalization, I think, reflects a narrow view — one that disregards the inseparability of all aspects of international economic governance.
We already see how financial difficulties are squeezing trade opportunities as trade financing dries up in respect of far too many potential trade transactions. We can also see the lay-offs of thousands of workers in factories in China as demand in developed countries contracts.
Managing these linkages effectively and devising multi-faceted solutions is at the centre of today’s policy challenges, truly testing the capacity of governments to cooperate effectively with one another, as we saw at this weekend's leaders summit in Washington. And it is therefore no surprise that in addition to a stimulus package, and laying the foundations for better global financial governance, leaders also sent a powerful message on
Read More...
Source: WTO
Profesores
Señoras y señores
I am delighted to be here this evening on the occasion of the inauguration of the Academic Year at the Barcelona Graduate School of Economics. You will not be surprised if I say that the WTO follows with great interest a lot of what you do here.
Let me share a small secret with you. Our economists were largely inspired by your work on the relationship between trade and growth in preparing our 2008 World Trade Report on “Trade in a Globalizing World”. The Report looks into the role of trade in an interconnected world and the challenges facing governments to ensure it results in greater prosperity for its citizens. You may want to check the number of quotes of your faculty in this now famous publication!
It will come as no surprise to you, therefore, that I shall focus my remarks this evening on international trade, its economic underpinning and its political realities. Two sides of the same coin.
I have recently read that the financial crisis and the economic downturn have become such central preoccupations of policymakers and the public at large that there is no room to worry about trade any more. This kind of compartmentalization, I think, reflects a narrow view — one that disregards the inseparability of all aspects of international economic governance.
We already see how financial difficulties are squeezing trade opportunities as trade financing dries up in respect of far too many potential trade transactions. We can also see the lay-offs of thousands of workers in factories in China as demand in developed countries contracts.
Managing these linkages effectively and devising multi-faceted solutions is at the centre of today’s policy challenges, truly testing the capacity of governments to cooperate effectively with one another, as we saw at this weekend's leaders summit in Washington. And it is therefore no surprise that in addition to a stimulus package, and laying the foundations for better global financial governance, leaders also sent a powerful message on
Read More...
Source: WTO
